In the letter, Oates brought up the issue of income inequality.
He pointed out that Stumpf took home $19 million in compensation
for 2013.

He also made a request that the company raise every employee's
salary by $10,000 to "show the rest of the United States,
if not the world that, yes big corporations can have a heart
other than philanthropic endeavors."

"My proposal is take $3 billion dollars, just a small
fraction of what Wells Fargo pulls in annually, and raise every
employees annual salary by $10,000 dollars. This equates to an
hourly raise about $4.71 per hour. Think, as well, of the
positive publicity in a time of extreme consumer skepticism
towards banks," Oates wrote.

Oates told the Charlotte Observer that he had been with Wells
Fargo for about seven years. He started out making $13 per hour.
Now his hourly rate is $15, the report said.

Stumpf, 60, actually comes from humble beginnings, too. He
grew up on a dairy farm in Minnesota. He didn't make good grades
in high school and didn't have much money, so he
ended up working as a bread maker after graduation.
Eventually, he got into St. Cloud University and landed a job at
First Bank in St. Paul as a repossession agent. He ultimately
ended up getting his MBA from the University of Minnesota.

With the increasing focus on income inequality in the United
States. Wells Fargo has an opportunity to be at the forefront of
helping to reduce this by setting the bar, leading by example,
and showing the other large corporations that it is very possible
to maintain a profitable company that not only looks out for its
consumers and shareholders, but its employees as well.

This year Wells Fargo in its second quarter alone had a net
income of $5.7 billion, and total revenue of $21.1 billion. These
are very impressive numbers, and is obvious evidence that Wells
Fargo is one of, if not the most profitable company in the nation
right now. So, why not take some of this and distribute it to the
rest of the employees.

Sure, the company provides while not great, some pretty good
benefits, as well as discretionary profit sharing for those who
partake in our 401k program. While the benefits are nice, the
profit sharing through the 401k only goes to make the company
itself and its shareholders more profitable, and not really boost
the income of the thousands of us here every day making this
company the prestigious power house that it is.

Last year, you had pulled in over $19 million, more than most of
the employees will see in our lifetimes. It is understood that
your position carries a lot of weight and responsibility;
however, with a base salary of $2.8 million and bonuses equating
to $4 million, is alone one of the main arguments of income
inequality. Where the vast majority, the undeniable profit
drivers, with the exception of upper management positions barely
make enough to live comfortably on their own, the distribution of
income in this company is no better than that of the other big
players in the corporate world.

My estimate is that Wells Fargo has roughly around 300,000
employees. My proposal is take $3 billion dollars, just a small
fraction of what Wells Fargo pulls in annually, and raise every
employees annual salary by $10,000 dollars. This equates to an
hourly raise about $4.71 per hour. Think, as well, of the
positive publicity in a time of extreme consumer skepticism
towards banks. By doing this, Wells Fargo will not only help to
make its people, its family, more happy, productive, and
financially stable, it will also show the rest of the United
States, if not the world that, yes big corporations can have a
heart other than philanthropic endeavors.

P.S. – To all of my fellow team members who receive a copy of
this email. Though Wells Fargo does not allow the formation of
unions, this does not mean we cannot stand united. Each and every
one of us plays an integral part in the success of this company.
It is time that we ask, no, it is time that we demand to be
rightfully compensated for the hard work that we accomplish, and
for the great part we all have played in the success of this
company. There are many of us out there who come to work every
day and give it our all, yet, we struggle to make ends meet while
our peers in upper management and company executives reap the
majority of the rewards. One of our lowest scored TMCS questions
is that our opinions matter. Well they do! This email has been
sent to hundreds of thousands Wells Fargo employees, (as many as
I could cc from the outlook global address book). And while the
voice of one person in a world as large as ours may seem only
like a whisper, the combined voices of each and all of us can
move mountains!